Bank of New York announced Wednesday that its trust unit had signed a definitive agreement to buy the bond administration business of Marshall & Ilsley Trust Co. and M&I Marshall & Ilsley Bank.
Bank of New York Trust Co. is to acquire 560 bond trusteeships and agency appointments, representing $4.8 billion of principal debt outstanding for an estimated 225 clients. The sale is expected to close July 18.
The New York bank's trust unit is nationally chartered, and it sells a range of trust and custody services to issuers of debt, institutional investors, and individuals from offices throughout the United States. The company and its subsidiaries and affiliates administer more than 90,000 trustee and agency appointments, with more than $2.7 trillion of outstanding securities for more than 30,000 clients globally.
Marshall & Ilsley is a diversified financial services company in Milwaukee with $41.6 billion of assets.
